World Bank previously estimated that 60 million people would fall into extreme poverty due to COVID-19, but the new estimate puts the deterioration at 70 to 100 million.
The Washington-based development lender previously estimated that 60 million people would fall into extreme poverty due to COVID-19, but the new estimate puts the deterioration at 70 to 100 million, and he said"that number could go higher" if the pandemic worsens or drags on.
But Malpass said that will not be enough, since the economic downturn means those countries, which already are struggling to provide a safety net for their citizens, will not be in a better position to deal with the payments.The amount of debt reduction needed will depend on the situation in each country, he said, but the policy"makes a lot of sense."
"All of this contributes to pushing people back into extreme poverty the longer the economic crisis persists." While the Institute for International Finance has set up a framework to waive debt service payments, as of mid-July member banks had not received any applications.
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